SINGAPORE- Marine bunker fuel sales at the world’s top vessel refueling hub Singapore rose nearly 12 percent in the first quarter from the same period last year, driven by stronger demand following Red Sea shipping disruptions that forced vessels to take longer routes.
Total sales for Q1 2024 were about 14 million metric tons, latest data from Singapore’s Maritime and Port Authority showed on Monday.
But the data also showed that sales on a sequential basis fell for a third straight month in March, indicating that the trend of stronger demand is softening.
March bunker sales totaled 4.45 million metric tons, down 1.4 percent from February.
Vessel calls for bunkering rebounded 4 percent in March at 3,495 calls, after sliding to a year’s low in February, while monthly container throughput totaled 3.49 million 20-foot equivalent units (TEUs), based on the data.
Low-sulphur fuel oil (LSFO) sales for bunkering totaled 2.42 million tons in March, down 5 percent from February.
The lower deliveries were in line with expectations as prices at bunker port of Zhoushan in China have become more competitive versus Singapore, based on consultancy FGE.
